The Special Situation Report #151: 3/2 Roundup
Summary of the Week in Special Situations
Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A
C-Suite Sudden Departures
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Update on Developing M&A
Beacon Roofing Supply (BECN): QXO (QXO) announced it is extending its all-cash tender offer to acquire all outstanding shares of Beacon Roofing until March 3, 2025. (Press Release)
Sonim Technologies (SONM): Continues to receive and evaluate inbound potential strategic alternatives to maximize stockholder value. (Press Release)
Walgreens Boots Alliance (WBA): Sycamore intends to take Walgreens private as a whole, then plans to separate its three main businesses into units with distinct capital structures. (FT)
Rumors
Cantaloupe (CTLP): Exploring strategic options, including a potential sale or a go-private transaction. (Reuters)
Signet Jewelers (SIG): Select Equity believes that the stock is undervalued and that the company could create more value for shareholders by considering strategic options, including selling the business. (13D Filing)
Update on Shareholder Activism
BP (BP): Elliott Investment Management is ramping up pressure on BP after its new strategy fell short of the activist investor’s expectations. (Bloomberg)
Rio Tinto (RIO): Activist investor Palliser Capital is stepping up a campaign to push Rio Tinto to abandon its primary London listing, urging the miner to allow Australian shareholders to vote on a resolution that calls for an independent review into its dual-listing status. (Letter)
Solventum (SOLV): Activist investor Trian Fund Management is pushing Solventum to separate more of its businesses like its dental products and software businesses and focus more on its medical and surgical unit. (WSJ)
U.S. Steel (X): Ancora issued a letter to the Board regarding the need to delay the 2025 Annual Meeting in light of the tremendous uncertainty related to the blocked sale to Nippon Steel. (Press Release)
Update on Other Special Situations
Costamare (CMRE): Costamare plans to separate its dry bulk shipping operations into an independent entity, Costamare Bulkers Holdings. (Press Release)
Teleflex (TFX): Teleflex to pursue a plan to separate the company’s Urology, Acute Care, and OEM businesses into a new, independent, publicly traded company. (Press Release)
The Middleby Corporation (MIDD): Middleby plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. (Press Release)
Toro (TORO): Toro announced its board's decision to spin off its Handysize tanker business into Robin Energy. Shareholders will receive one Robin share for every eight Toro shares. Robin has applied for a Nasdaq listing. Toro’s CEO, Petros Panagiotidis, will also be Robin’s CEO and Chairman. (Press Release)
CompoSecure (CMPO): CompoSecure has completed the spin-off of Resolute Holdings Management (RHLD), effective February 28, 2025. (Press Release)
Western Digital (WDC): Western Digital completed the separation of its Flash business, with SanDisk trading on the Nasdaq Stock Market under the ticker symbol “SNDK.” (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Financial Services
Bridge Investment Group (BRDG) / Apollo (APO) - $1.5 bn, Q3 2025 (Press Release, Merger Agreement)
Sudden Departures
“Sudden Departures” highlight executive exits announced with short notice, where the executive is expected to leave within 30 days of announcement.
Beyond Meat (BYND): Chief Marketing Officer Akerho Oghoghomeh resigns effective February 25, 2025. (Filing)
Clear Secure (YOU): President and Chief Financial Officer Kenneth Cornick resigns effective March 31, 2025. (Filing)
Couchbase (BASE): Chief Financial Officer Greg Henry resigns effective February 25, 2025. (Filing)
Energy Recovery (ERII): Chief Technology Officer Farshad Ghasripoor resigns effective March 14, 2025. (Filing)
Franklin Electric Co. (FELE): Chief Financial Officer Jeffery Taylor resigns effective March 28, 2025. (Filing)
Jack In The Box (JACK): Chief Executive Officer Darin Harris resigns effective February 20, 2025. (Filing)
Lucid Group (LCID): Chief Executive Officer and Chief Technology Officer Peter Rawlinson resigns effective February 21, 2025. (Filing)
Maison Solutions (MSS): Chief Operating Officer Tao Han resigns effective February 21, 2025. (Filing)
Marqeta (MQ): Chief Executive Officer Simon Khalaf resigns effective Feberuary 24, 2025. (Filing)
Open Text (OTEX): Chief Financial Officer Madhu Ranganathan resigns effective March 5, 2025. (Filing)
Staar Surgical Company (STAA): President and Chief Executive Officer Thomas G. Frinzi resigns effective February 26, 2025. (Filing)
Sturm Ruger & Co. (RGR): Chief Executive Officer Christopher J. Killoy resigns effective March 1, 2025. (Filing)
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